In the result, both the appeals filed by the assessee are allowed
Bench: Shri R. K. Panda & Ms. Astha Chandra
40A(3) and the Tribunal deleted the disallowance. 11. The Ld. Counsel for the assessee in his next plank of argument submitted that the assessee is not liable to deduct tax since the interest has been paid to the Patsansthas which are in the nature of credit cooperative societies. For the above proposition, he relied on the decision